Noida International Airport at Jewar Will Impact Real Estate Sector
Jewar International Airport announced by the government was an important move that will drive significant future economic activity near the airport. From the time of the announcement to the completion of the project, the real estate market of Noida, Greater Noida, and Yamuna Expressway is expected to see a complete recovery and huge resurgence. It has already been a haven for the end-users and investors because of the liveable area.
With the impressive development of Jewar Airport, the area will get a boost with more real estate developments, whether it is residential, commercial, retail, or hospitality. The inauguration of the Jewar airport has been welcomed by local developers, attracting a lot of investment news.
It is a foundation stone lay at a site in Jewar in the Gautam Buddh Nagar district of Uttar Pradesh by Prime Minister Narendra Modi & is going to be a masterpiece turning into reality. When completed, this will be Asia's largest airport. The announcement day was one of the biggest days for the NCR region and Yamuna Expressway.
In his message, Manoj Gaur, CMD of Gaurs Group and Vice President of NORTH CREDAI, said, "This is a day of significance for the Yamuna Expressway and NCR regions. We are delighted with the Hon'ble PM Modi and Hon'ble CM Yogi Adityanath's foundation stone laying ceremony at Jewar. This is excellent news for the state of the region as well as the region as a whole.
It is expected that increased business activity will also lead to increased demand for residential as well as commercial properties. I am personally seeing a lot of future for real estate right now. We are nearly finished with a 250-acre township along the Yamuna Expressway," he said.
With this revolutionary move, one more brilliant news has come up with Delhi-National Capital Region's second international airport is expected to open in September 2024 and initially be able to handle 1.2 crore passengers annually. Zurich Airport International AG will develop the airport covering 1,330 acres of land. A major boost to the real estate market in the region is being seen from the Noida International Airport at Jewar. According to real estate experts in the region, Noida International Airport has the following impact on the area:
- Airport will act as a fundamental factor
"Jewar airport will act as a pivotal factor in Noida and Greater Noida region's overall development in the coming days," said Ankita Sood, Head of Research, Housing.com, and Makaan.com & PropTiger.com. Its connectivity to these areas will strengthen sentiment across asset classes, which in turn will boost real estate sentiment. Despite the setback of the COVID-19 second wave, residential demand in the micro-markets around the new airport has already surpassed the 2020 levels as of September 2021.
- Look ahead to airport becoming fully prepared
In the words of Deepak Kapoor, Director, Gulshan Group, "Jewar Airport's launch has been a great development and will help Noida position itself globally. The seamless connectivity and high-end infrastructure developments like Film City are likely to attract a lot of investment from multiple industries, attracting new sections of corporate class including HNIs and UHNIs. In the midst of all this, real estate will be considered as one of the most promising alternatives. The airport looks forward to becoming fully operational once the government's support and rapid development are complete."
- Significant infra milestone
Sanjay Sharma, Director at the SKA Group, says, "Jewar Airport will be an important milestone in the development of infrastructure in Noida and Greater Noida. There will be an increase in new launches and sales activities in ongoing and upcoming projects in the nearby region because it continues to attract investors and end-users. Even RTMI can be an attractive proposition for people seeking homes near the airport in Noida as this region will be a hub of properties catering to various segments."
- Game changer for the region of Noida
The opening of the Jewar Airport is expected to transform the Noida region, says Amit Modi, Director, ABA Corp. and President-elect of CREDAI Western UP. The city will be placed on the global logistics map. In terms of development opportunities, ease of doing business, etc., the state government has always been very supportive and proactive. Now that the airport is operational, the region will benefit from economic multipliers as well as create jobs in the construction business. It will also enhance corporate travel and leisure opportunities, and bring the Millennium City of Gurugram up to speed with Noida and Greater Noida."
- Look forward towards altering skyline of the city
Miglani, MD of Migsun Group, said that the real estate sector will be pivoting towards constant growth, and he looks forward to the changing skyline of New Delhi after the airport and Film City is completed. The demand for residential and commercial real estate will be undergoing a sea of change as a new class of corporate buyers and investors will be entering the market. With several companies showing interest in investing in the electronics sector in the region due to the upcoming international airport, an electronics hub near the Yamuna Expressway might become a reality."
- Commercial real estate will offer striking avenues of investment
According to Nikhil Anand, Director of Masters Infra, "the inauguration of an airport will affect the adjacent regions in terms of soaring business activities, employment opportunities, etc. Noida will also gain a competitive advantage over other NCR regions thanks to the developing infrastructure.". This is an ideal time to make investments as the long-term returns will be substantial with Noida Airport and Noida Film City operating. Developers are also going the extra mile to offer novel products such as automated and controlled environments in commercial spaces."
What you need to know about Noida International Airport:-
- It is expected to be operational by September 2024 with a capacity of 1.2 crore passengers per year, making it the second international airport in Delhi-National Capital Region.
- Zurich Airport International AG will develop the airport, which will be spread over 1,330 acres of land.
- According to the Uttar Pradesh government, the airport will be the fourth largest in the world and create over one lakh jobs.
- According to an official release, the first phase of the aerodrome will cost more than Rs 10,050 crore, and work on land acquisition and rehabilitation of affected families has been completed.
- -IGI (Indira Gandhi International) airport in Delhi will be decongested by the new airport at Jewar. Located strategically, it will be convenient for Delhi, Noida, Ghaziabad, Aligarh, Agra, and nearby areas, according to a press release.
- It will also be the "first zero-emission airport in the country".
- A report by the Union government states that the airport will be the logistics hub for northern India, and with its capacity and scale, it will be a game-changer for Uttar Pradesh.
- It is the first time an airport has been conceptualized with a multi-modal cargo hub, which is designed to reduce the time and cost associated with logistics.
- A 20 lakh metric-ton dedicated cargo terminal will soon be expanded to an 80 lakh metric-ton facility.
- Also planned is a Ground Transportation Center with metro and high-speed rail stations, taxi, bus, and private parking, as well as a multi-modal transit hub.
- The airport will be connected to the planned Delhi-Varanasi high-speed rail, enabling a 21-minute journey from Delhi to the airport, among other factors, according to the release.
- Additionally, state-of-the-art maintenance, repair, and overhaul service will be available.
As a result, the airport introduces a swing aircraft stand concept, which can be used by airlines for domestic flights as well as international flights without having to relocate the aircraft.